Two years ago Nell Diamond was counting down to two big arrivals. “The joke is what’s going to come first—baby or house,” the very pregnant beauty said back then, her fair skin and tumble of auburn waves evoking a Renaissance portrait. If things went according to plan, Diamond, founder of luxury linen brand Hill House Home, and husband Teddy Wasserman, a private equity investor, would be comfortably settled into their abode before bringing home a newborn (that would be Henry). Following a multiyear gut renovation, their West Village townhouse was nearing the finish line. But as anyone who’s undergone a construction project knows, things never go according to plan. Among the litany of delays: The truck carrying the custom kitchen flipped over en route to installation (driver thankfully unharmed; kitchen not so much).

Diamond in a dress by Dolce & Gabbana on her townhouse’s stoop.

Today “we’re still unpacking some stuff, but it’s been so fun to live here,” Diamond says as she answers the door of the Wharton-era brownstone, where a Tracey Emin neon work beams the advice trust yourself in the foyer. “I like the idea of that being the last message before you go out the door.”

Stately moldings frame doors and windows, while slick white walls host an art collection that includes Andy Warhol, Christopher Wool, and Glenn Ligon. The first floor is composed of entertaining spaces with furnishings that are suitably glamorous, yet kid friendly. (Mark Cunningham handled the decorating duties.) “These are CB2 chairs,” says Diamond of the kitchen barstools. “It’s nice to have things that look good but are also pretty indestructible.” Less childproof is a set of rose-and-swallow-adorned Laboratorio Paravicini china resting on the gray quartzite countertop. She opens a cupboard to reveal yet more china, this set a star-spangled Herend. “I picked these out before we got married, when I had no idea what my taste was, but they work with the mix. Some dinners are pizza, and some are more formal, so I like having variety.”

One flight up is Henry’s room, which bursts with color thanks to jungle-theme Hermès wallpaper and blue-and-white-striped Roman shades. “This is definitely my favorite room in the house—it’s just so happy,” Diamond says, picking up Henry. “Hi, handsome!” she coos. “Want to say hello?” Down the hall is a guest bedroom with a soft gray meadow wrapping the walls. “I was convinced I was having a girl, so this is the paper I picked out for a girl,” she adds.

The master suite upstairs is like a lavishly appointed hotel room, with its canopied bed and fluffy white linens (Hill House Home, naturally). “I was OCD about my bedroom,” she says, laughing. A long corridor of his-and-hers closets—Diamond calls it the “runway”—leads to a marble-clad bath.

Inside Nell Diamond's Glamorous Family Home

Diamond heads to the rooftop, still a work in progress. “We’re going to have a full kitchen, outdoor fireplace, landscaping, chaise longues . . . ” she says. “A whole Slim Aarons vibe.” As if on cue, bells from a neighboring church begin chiming. “I don’t have to leave my house to socialize, which is kind of my dream.” Then, looking at her little boy, she adds: “And I have the perfect excuse not to.” hillhousehome.com

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